Experts in Nigeria’s hydrocarbon resources industry foresee that the planned commitment of about $13.5 billion in upstream oil and gas investment by oil majors could serve as stimulus to help Nigeria achieve its 2.6 million barrels per day (mb/d) production target in the next three years. President Bola Tinubu had expressed the readiness of the […]
Gallagher Re, one of the leading global reinsurance brokerage firms, has reported that as of January 1st, 2024, reinsurance renewals, U.S property catastrophe incidents increased by as much as 50% for loss-hit business, primarily driven by record severe convective storm (SCS) activity. In its just released ‘1st View Report’, which discusses an overall more stable […]
The Central Bank of Nigeria (CBN) has announced that cash withdrawals will no longer be permitted from accounts specifically opened for virtual and digital assets transactions. The directive, which is contained in the apex bank’s just published ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers,’ requires that withdrawals from these accounts can […]
Total capital importation into Nigeria in the third quarter of 2023 stood at US$654.65 million but lower than the US$1,159.67 million recorded in the corresponding quarter of year 2022, representing a decline of 43.55% year-on-year. The latest ‘Nigeria Capital Importation Q3 2023’ report published by the National Bureau of Statistics (NBS) on its website indicated […]
The National Agency for Food and Drug Administration and Control (NAFDAC) has reduced by 65% the registration renewal fees for Micro, Small, and Medium Enterprises (MSMEs) in the country. The agency, in a statement signed by its Director-General, Prof. Mojisola Adeyeye, also outlined other measures to enhance the ease of doing business in Nigeria and […]
The latest Stanbic IBTC Purchasing Managers Index (PMI) for Nigeria has reflected that the organized private sector (OPS) posted improved growth to 52.7 in December 2023, up from 48.0 recorded in the preceding month. However, despite the improved performance of the private sector, the business outlook of the economy for the new year ebbed to […]
Deposit Money Banks (DMBs) in Nigeria will start the deduction of the backlog of Electronic Money Transfer Levy (EMTL) on old foreign currency transactions carried out by Nigerians on January 31, 2024. According to the latest directive from the fiscal authorities to the banks, the deductions will cover transactions between 2021 and 2023. As expected, […]
The Lagos Chamber of Commerce and Industry (LCCI) on Monday charged the President Bola Tinubu-led administration on prevailing economic challenges in the country and specifically to provide more detailed plans and strategies to tackle inflation, under-employment, insecurity, and social inequality in the country. The leading organized private sector (OPS) group, in its statement on the […]
The Islamic Development Bank Institute (IsDBI) has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace. A news report from African Press Organisation (APO) Group circulated on behalf of the development finance institution indicated that the Pavilion would provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic […]
President Bola Tinubu has signed the N2.2 trillion supplementary budget for 2023, which will be concurrently implemented with the 2024 budget until March this year. The Speaker of the House of Representatives, Hon. Tajudeen Abbas, who made this disclosure during a media chat at the Presidential Villa on Monday, said that already the President had […]